Crypto markets analysis : 27/01/2018

After recording a minor correction and lose in value on January 26, major cryptocurrencies including bitcoin, Ethereum,Litecoin, Ripple and Cardano increased by more than 5 percent.

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NEM, which declined significantly in value after leading Japanese cryptocurrency exchange CoinCheck announced a $530 million hack into its NEM hot wallet, also recorded a 5.6 percent increase in price.

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After a deep correction, and falling from 12000 USD to 10500 on friday, Bitcoin record a small recover on Saturday, and now it’s traded around 11500 USD acrosds global exchanges service .

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Ethereum price raise from 1028 USD to 1097 USD, Ripple price also recover from 1.20 USD to 1.23 USD. Litecoin posts some new profit after a deep correction raising from 174 USD to 194 USD .

Bitcoin :

Yesterday was a great day for Bitcoin traders (especially the ones whose joined Cryptocurrency investments in last month). The black line here shows our last chart, where we identified and clarified a downgrade channel in Bitcoin prices. If you follow us and bought near the channel support zone: congratulations, you earned good profits. On friday the resistance was finally broken and became a support level .

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Now we have a clear accumulation zone. Volumes are increasing slightly and the prices won’t go any further for the next few hours.

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We may have a new support level but it still depends on whale’s activities. They have the power to break this still-not-strong support. Advice: Prices are floating between 11k and 11.4k. Buy in dips (at 11k) and sell on tops (11.3, 11.4k). You can make this trade today up to 2 or3 times and get 3-4% profits.

Ethereum :

Ethereum has been finding some good support since the selloff and has formed a symmetrical triangle, which most traders know is a continuation pattern. However in this situation a break could happen to the topside or to the bottom. We will be patient while the market shows us our next move.

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A break below $1000 will most likely result in more sellers stepping in driving the prices lower, we can anything between $700 – $900 should the bears win the battle.

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A break above $1100 could signal the bulls to push the prices higher, in which case I would expect a target around $1200 – $1400 if there good price action confirming the breakout.

Litecoin :

Litecoin is very bearish, the signals od a downtrend are more the signals od an uptrend, i don’t advice you to open a trade on Litecoin .

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Bitcoin cash :

BCH is a crypto for a long term trade after reaching it’s all time high price at 4000 USD, this coin forked from Bitcoin,maked a huge correction and now it’s traded around 1700 USD, this is a good entry point for a long term trade on BCH, take profits around 2400 USD to 2500 USD .

Ripple :

After reaching a new all time high price at 3 USD, ripple make a huge correction and now it’s trading around 1.2 USD, from 0.85 USD to 1.2 USD is a good entry point for a long term trade on ripple , the targets profits are from 1.6 USD to 1.8 USD .